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Cheesecake Factory Reports Tepid Q1

Cheesecake Factory Inc. reported a dip in first quarter profit Thursday due to less customer traffic and a weak economy.


The Calabasas-based casual dining chain reported first quarter net income of $14.3 million, a 22 percent slip from $18.4 million in the same period a year earlier.


Revenues increased 10 percent to $394 million, despite same-store-sales decreasing 1.8 percent due to poor weather in many parts of the country, the company said.


Cheesecake said it expects to open seven to nine restaurants in 2008, including one of its new Asian concept called RockSugar Pan Asian Kitchen.


Shares in Cheesecake Factory closed down 9 cents to $21.57 Thursday.

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